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Jacksam Corp (JKSM+25.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in sales to $151,432 from $583,077 in the same quarter the previous year. The decrease is attributed to lower machine and non-machine sales.
Cost of sales for the quarter was $159,540, compared to $440,000 in the same quarter of the previous year. This reflects a decrease in production costs.
The company reported a gross loss of $8,108 for the quarter, compared to a gross profit of $98,137 in the previous year.
Operating expenses decreased to $75,993 from $111,839, primarily due to reduced salaries and general administrative expenses.
Net loss for the quarter was $167,633, compared to a net income of $1,050,657 in the previous year. The previous year's income was largely due to a gain on derivative liabilities.
Cash used in operating activities was $224,901, while cash provided by financing activities was $81,117. The company ended the period with $1,737 in cash.
Jacksam had a working capital deficit as of September 30, 2024. The company acknowledges its dependence on additional financing to meet future obligations.
The filing also details various financial agreements, including convertible notes and a line of credit.
Jacksam identified a material weakness in its internal controls over financial reporting due to control deficiencies around error identification and related party transactions.
The company continues to focus on its product line of vaporizer cartridge filling and capping machines, and pre-roll filling machines, targeting the cannabis industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Jacksam Corp quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.